Bin Salman Loses $16.5 Billion in a 45 Minutes Deal

Softbank Group said on Monday, it expects its Vision box will incurre $16.5 billion in the fiscal year ending in March due to the poor performance of this investment in the technology sector.

Reuters said that Soft Bank in a statement that the loss of the fund backed by Saudi Arabia, the third quarterly in a row, will pay the group as a whole to incur an operating loss of 1.35 trillion yen, the first loss in 15 years.

The fund’s losses, which are attributed to the “deteriorating market situation” as markets are affected by the Corona virus pandemic, are a major blow to the efforts of Masayoshi Son, CEO of Softbank, to restore his reputation among investors.

Last November, the Japanese company, which owns Softbank, in which Saudi Crown Prince Mohammed bin Salman invests $ 45 billion, disclosed losses of $ 6.5 billion.

And the Japanese investment company announced, at the time, its first quarterly operating loss in 14 years, estimated at 6.5 billion dollars, after writing down the value of a series of investments, according to the agency “Bloomberg” America.

Softbank Group CEO, Masayoshi Son, took some of the blame from his partners for his bad decisions, saying: “There was a problem in my personal judgment, and this is something I have to think about,” according to the same source.

“At Sun’s dealings raise fundamental issues about his strategy that must be addressed, so if there are more failed investments in the future, how does he plan to deal with them?” Said Atoll Goyal, chief analyst at the Jeffreys economic group.